WTI crude oil prices have been consolidating with a slight downward bias within a Descending Triangle chart pattern.
A breakout above the pattern could be a signal that the prior uptrend may resume towards the 78.6% Fibonacci extension at 80.57.
Still, a bearish 'Death Cross' between the 20- and 50-day SMAs offers a near-term downward bias.
The floor of the triangle seems to be between 65.10 and 66.39. A downside breakout would likely need confirmation. In such a case, keep a close eye on the 200-day SMA which may reinstate the dominant upside focus.
USOIL
A breakout above the pattern could be a signal that the prior uptrend may resume towards the 78.6% Fibonacci extension at 80.57.
Still, a bearish 'Death Cross' between the 20- and 50-day SMAs offers a near-term downward bias.
The floor of the triangle seems to be between 65.10 and 66.39. A downside breakout would likely need confirmation. In such a case, keep a close eye on the 200-day SMA which may reinstate the dominant upside focus.
USOIL
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.